In the Rhode Island Rider for Crown Gold Exchange, what agreement is being amended?
Crown_Gold_Exchange Franchise · 2024 FDDAnswer from 2024 FDD Document
This Rider amends the Franchise and Multi-Unit Development Agreement dated (the "Agreement"), between Goldmember, LLC, a Idaho limited liability company ("Crown Gold Franchising") and, a ("Franchisee"). 1. Capitalized terms used but not defined in this Rider have the meanings given Definitions. in the Agreement. 2. Any provision of the Agreement restricting jurisdiction or venue Jurisdiction and Venue. to a forum outside the State of Rhode Island or requiring the application of the laws of another Investment Act. state is void with respect to a claim otherwise enforceable under Rhode Island Franchise 3. This Rider is effective as of the Effective Date. Effective Date. Agreed to by: GOLDMEMBER, LLC
Source: Item 22 — CONTRACTS (FDD pages 38–39)
What This Means (2024 FDD)
According to the 2024 Crown Gold Exchange Franchise Disclosure Document, the Rhode Island Rider amends the Franchise and Multi-Unit Development Agreement. This agreement is dated and made between Goldmember, LLC, identified as Crown Gold Franchising, and the franchisee. The rider specifies that capitalized terms not defined within the rider itself will have the meanings as defined in the original agreement.
This amendment is significant for prospective Crown Gold Exchange franchisees in Rhode Island because it modifies the original agreement to comply with Rhode Island law. Specifically, any provision in the original agreement that restricts jurisdiction or venue to a forum outside of Rhode Island, or requires the application of laws from another state, is void concerning any claim enforceable under the Rhode Island Franchise Investment Act.
Furthermore, the rider takes effect as of the effective date, indicating that the changes are applicable from that point forward. This ensures that franchisees operating in Rhode Island are protected by and subject to the specific legal requirements and protections afforded by Rhode Island franchise law, regardless of what the standard Franchise and Multi-Unit Development Agreement might state.